UNIT 21 Globalisation of Trade 2 National and International Trade


Ireland is a small open economy; in order to prosper and maintain economic growth, it needs to export and attract overseas companies.


The following organisations work to promote Ireland overseas:


• IDA Ireland (Industrial Development Authority) attracts Irish businesses. • Enterprise Ireland is a state agency that assists Irish businesses that want to sell their products and services to other countries.


• Bord Bia promotes Irish food. • Fáilte Ireland promotes Irish tourism. • Science Foundation Ireland (SFI) promotes research in Science and STEM subjects.


National trade


Exchange of goods and services within a country.


Example: Buying Avonmore milk from a local shop.


A country which only engages in domestic trade is called a closed economy.


International trade


Exchange of goods and services between people in other countries. It consists of exporting and importing goods and services.


Example: Importing BMW cars from Germany.


A country which engages in international trade is called an open economy.


Know It!


National trade can also be called domestic trade.


International trade can also be called foreign trade.


3 Imports and Exports


Exporting is selling goods and services to other countries.


Importing is buying goods and services from other countries.


Visible exports are goods which leave the country and money comes in.


Invisible exports are services which leave the country and money comes in.


Visible imports are goods which come into the country and money leaves.


Invisible imports are services which come into the country and money leaves.


Irish cheese sold abroad.


American tourists visited Ireland.


German cars bought in Ireland.


Irish tourists visited Spain.


417


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